Guideline Value for Kamakshi Nagar

Kamakshi Nagar guideline value

The current guideline value of Kamakshi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this street is Residential Class I Type - II.

How the guideline value of Kamakshi Nagar has changed

The guideline value for Kamakshi Nagar has experienced several revisions over the years. Starting from Rs 264 per sq.ft in 2002, it increased to Rs 325 per sq.ft in 2003, marking a growth of 23%. In 2007, the value rose significantly to Rs 400 per sq.ft, a 23% increase from the previous revision. The 2012 revision saw the value rise to Rs 2,000 per sq.ft, which was a substantial increase of 400% from 2007. However, the 2017 revision brought the value down to Rs 1,340 per sq.ft, reflecting a decrease of 33%. The guideline value then increased to Rs 2,000 per sq.ft in 2023, followed by the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 733%. The register has no figures for the years not mentioned above.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Kamakshi Nagar is below this median.

• Kalyan Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Kalyan Nagar 4th St: Rs 3,300 per sq.ft (2024)
• Kalyan Nagar 4th cross street: Rs 3,300 per sq.ft (2024)
• Kalyan Nagar 3rd St: Rs 3,300 per sq.ft (2024)
• Kalyan Nagar 2nd St: Rs 3,300 per sq.ft (2024)
• Kalyan Nagar 2nd Cross st: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kamakshi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kamakshi Nagar?

The Sub Registrar Office that covers Kamakshi Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Tambaram

The guideline value plays a crucial role in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are recorded at a fair value. This value is used to calculate applicable stamp duty and registration fees during the property transaction.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kamakshi Nagar?

The current guideline value of Kamakshi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 264 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 733% over the years.

What is the land classification for Kamakshi Nagar?

Kamakshi Nagar is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty rates for properties in Kamakshi Nagar?

The stamp duty rate for properties in Kamakshi Nagar is 7%, and the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Kamakshi Nagar?

The Sub Registrar Office for Kamakshi Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.